2007-03-01 13:41:57 · 5 answers · asked by Brandy O 1 in Business & Finance ➔ Credit
They wouldn't do that, usually the car is registered in your name with your finance company as the lien holder. Finance companies usually try to collect their money, if they can't collect they repossess and charge you for the cost of repossession, eventually they sell your car for very little, calculate all the costs they incurred trying to get your car back, credit you for the amount your car was sold for, then collect the remaining amount you owe. Which means you pay for the car even though it is no longer in your possession.
2007-03-01 14:06:41 · answer #1 · answered by LDB 2 · 1⤊ 0⤋
at the beginning in case you attempt to refinance a vehicle no economic business enterprise is going to refinance it in case you're at present previous due. So your brother is making use of very undesirable good judgment and has subsidized himself right into a nook. in case you do not pay on the vehicle the economic business enterprise will Repo it. whilst they Repo the vehicle that would not advise you now not owe any money. they'll sell the vehicle at public sale for a fragment of what that's well worth. he will nevertheless be to blame for the version between that and the loan stability, plus the expenditures in touch interior the repo and sale. If he would not pay that they might at last take him to court docket for the quantity.
2016-10-17 01:45:16 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Yes, can and will.
If you don't pay for your car and you keep it, then you are stealing it.
My sil abandoned her car in another state and the finance company gave her a certain number of days to have it returned before they filed charges with the police. My hubby returned it for her to help her avoid prosecution.
2007-03-01 14:33:25 · answer #3 · answered by siren381 2 · 0⤊ 1⤋
No. They can close the account and repo the car. If they notify you and you try to hide the car from them, they can report it stolen.
2007-03-01 13:52:48 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
why would they report it stolen. how far behind are you? do they have an order to reposess...
pay your payments or give back the car!!! then you won't have to ask.
then next time get a car you can pay for. if you can get a loan that is..............................
2007-03-01 13:51:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋